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  4. Elastic Shares Slide on Leadership Change Worries
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Elastic Shares Slide on Leadership Change Worries

By Sam Boughedda AiVIF.com — Thursday has seen Elastic NV's (NYSE:ESTC) stock price fall over 11% after news it has promoted Ashutosh Kulkarni to CEO. On Wednesday, after the...
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Elastic Shares Slide on Leadership Change Worries

By Sam Boughedda

AiVIF.com — Thursday has seen Elastic NV's (NYSE:ESTC) stock price fall over 11% after news it has promoted Ashutosh Kulkarni to CEO.

On Wednesday, after the closing bell, the search software maker said Kulkarni, who joined as chief product officer in 2021, will replace Shay Banon as CEO. Banon is a co-founder of the firm.

Banon will move into the Chief Technology Officer role immediately, the company said. 

"I couldn't be more excited for Ash to become CEO. I've seen him in action for the past year and I know that his focused and empathetic leadership style combined with his executional and operational excellence will enable him to successfully lead Elastic," said Banon.

"Elastic is my life's work, and in my role as CTO, I'll be laser-focused on innovation and product, and people and culture - where my greatest passions lie, while Ash leads Elastic to realize its full potential," he added.

Jefferies told investors in a research note that the leadership change is worth monitoring.

Meanwhile, Citi analyst Tyler Radke released a note to investors saying that while the initial optics of the leadership change are concerning, he has confidence in the transition and "strong business trends remain intact."

Radke added that the selloff provides investors with a buying opportunity. As a result, the analyst kept a buy rating on the stock.

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01-05-2024 10:45:17 (UTC+7)

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-0.0008 (-0.07%)

Summary

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Moving Avg:

Buy (0)

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Indicators:

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Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

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Moving Avg:

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Sell (12)

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Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

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↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

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AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

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Indicators:

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1.3780

+0.0003 (+0.03%)

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168.32

+0.10 (+0.06%)

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Sell (0)

EUR/CHF

0.9808

+0.0001 (+0.01%)

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Sell (2)

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2,295.80

-7.10 (-0.31%)

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Sell (12)

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26.677

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4.5305

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81.14

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85.62

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4,920.55

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S&P 500

5,035.69

-80.48 (-1.57%)

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DAX

17,921.95

-196.37 (-1.08%)

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FTSE 100

8,144.13

-2.90 (-0.04%)

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Indicators:

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Sell (4)

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17,763.03

+16.12 (+0.09%)

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1,973.05

-42.98 (-2.13%)

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IBEX 35

10,854.40

-246.40 (-2.22%)

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266.60

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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RON 95-V25.44025.940
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USD25.088,0025.458,00
EUR26.475,3627.949,19
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